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The Monetary Approach to the Balance of Payments (Collected Works of Harry Johnson) by Harry G. Johnson, Jacob A. Frenkel

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10

Monetary Policy under Fixed Exchange Rates

Effectiveness, the Speed of Adjustment, and Proper Use1

ALEXANDER K. SWOBODA

Some, though far from total, agreement has begun to emerge as to the role and effects of monetary policy in a closed economy. At least major issues have been delineated and the battle joined in terms of fairly well-defined analytical frameworks. The impact of changes in the stock of money (or its rate of change) on prices, output and interest rates has been discussed at the theoretical level and investigated empirically. Much dispute remains as to the lag-structure of response to monetary disturbances, as to the division into output and price effects, and as to proper monetary targets and policy indicators. Nevertheless, ...

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